FinTechs and Banks Unite for Innovation at DIFC’s Dubai FinTech Summit Dialogues
DIFC-led dialogue hosts ten bank CEOs and FinTechs for discussion on current financial stability and outlook
Dubai, United Arab Emirates–(Newsfile Corp. – April 18, 2023) – Dubai International Financial Center (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region hosted the second Dubai FinTech Summit (DFS) Dialogues this week, powered by Innovation Hub. Leaders of 10 leading regional banks and FinTechs were invited to unpack the challenges facing the financial sector and discuss how the industry can reduce risk and build robust, sustainable financial institutions.
FinTechs and banks unite for innovation at DIFC’s Dubai FinTech Summit Dialogues
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Host of the roundtable conference, Mohammad AlBlooshi, Head of DIFC Innovation Hub and FinTech Hivesaid, “As an industry based on trust and confidence, we are currently seeing the banking sector experience a time of disruption. Given global headwinds, we have an opportunity to build more robust institutions through collaboration between banks and fintech.”
FinTechs and banks unite for innovation at DIFC’s Dubai FinTech Summit Dialogues
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Commenting on the session, he added: “Through convenors such as this roundtable and the first ever Dubai FinTech Summit in May, we are facilitating dialogue and collaboration opportunities for long-standing financial institutions, regulators and promising entrepreneurs to together map out how the sector can – and should – move on.”
Sanjay Sethi, Senior Managing Director, Head of Global Transaction Banking at First Abu Dhabi Banksaid, “This is an age of collaboration and co-creation where leading financial institutions and pioneering FinTechs can embark on a journey of innovative discovery together. This is especially true as we look at opportunities to expand into new geographies, improve product capabilities, increase revenue, or scale or optimize our business faster and more efficiently. Alongside this, FinTech solutions in transaction banking are growing in agility every day. Looking ahead, FAB will continue to partner with pioneering FinTechs to deliver impactful advancements across the financial sector industry.”
Earlier this year, the UAE Central Bank announced the implementation of its Digital Dirham digital currency strategy, which promises to be a critical step in the country’s payments industry, which will deeply impact banks, FinTechs, businesses and customers. “As such, the synergy between banks and FinTechs is proving to be inevitable as the industry moves towards a cashless economy,” AlBlooshi added.
Technology: Disrupting and Enhancing Trust
“As a FinTech service provider, the core, as with any tech player, is to build an emotional connection with the end consumer,” said Raman Thiagarajan, CEO and Founder, Zenda.
As customers turn to technology, banks have been forced to adapt traditional trust building to complement the digitization of banking.
Anand Krishnan, Head of Technology, Emirates Investment Banksaid, “It is increasingly important that banks continue to invest more in technology that not only builds but maintains trust with customers throughout the journey.”
Mehdi Tazi, Chief Operating Officer, Lean Technologies, stated, “I think customers still trust banks more than FinTechs – they are larger more established institutions. However, something FinTechs do very well is streamline the processes when they help onboard customers into these larger banks. As a result, we are seeing a marriage between FinTech and banking services that improve the customer journey, ultimately building trust.”
The onset of Web 3.0 is ushering in a transformative moment for financial services, capital markets and banks, changing customer expectations and revolutionizing the sector.” The total transaction value of embedded finance is said to reach USD 7tn in 2026, according to Rakesh Reddy, CEO, Cloud4u: “This is particularly useful for Platform as a Service (PaaS) providers who will greatly benefit from this growth, undeniably becoming a major industry disruptor.”
Nilay Singh, Managing Director, State Bank of India, DIFC, pointed out, “We cannot ignore AI. It must be adopted, but smartly and effectively, and this is where we must understand what to outsource and when to collaborate.”
Join the dialogue at the Dubai FinTech Summit at Madinat Jumeirah in Dubai. Tickets can be purchased at https://dubaifintechsummit.com/.
About Dubai International Financial Center
The Dubai International Financial Center (DIFC) is one of the world’s most advanced financial centers and the leading financial hub for the Middle East, Africa and South Asia (MEASA), comprising 72 countries with an approximate population of 3 billion and an estimated GDP of 8 trillion dollars.
With a nearly 20-year track record of facilitating trade and investment flows across the MEASA region, the center connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
The DIFC is home to an internationally recognized, independent regulator and a proven legal system with an English common law framework, as well as the region’s largest financial ecosystem with over 36,000 professionals working across over 4,300 active registered companies – making up the largest and most diverse pool of industrial talent in the region.
The centre’s vision is to drive the finance of the future through ground-breaking technology, innovation and partnership.
Comprised of a range of world-renowned retail and dining venues, a dynamic arts and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For more information, please visit their website: difc.ae, or follow them on LinkedIn and Twitter @DIFC.
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